Apple buys back $14 billion in stock
Right on the heels of its quarterly earnings call, after an 8% drop in price, Apple shelled out $14,000,000,000 in continuation the buyback program it started in 2012. Contrary to 9to5mac’s report, I have a hard time believing Tim Cook was at all surprised by this drop; rather, a much more likely scenario would have found him counting on such a devaluation regardless of what he said, did, or otherwise announced during the earnings call. What better time to conduct a large buyback program than at nearly 10% off? If anything, it may have surprised him that it did not fall farther. As Jim Dalrymple said, “Apple is being very strategic with every move it makes.” I completely agree.